Last Updated on June 21, 2024 by Satish Mishra
Like the builder is under an obligation to fulfill all the terms of the Builder Buyer Agreement, for instance- timely possession of the property, appropriate quality standards etc; the homebuyer is also required to make timely payments in order for the project to finish in time.
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But quite often than not, builders with a malafide intention try to play the consumers by extorting money out of the consumers on the pretext of construction expenses, without actually engaging in any kind of construction work. Moreover, in case a consumer makes a default on such a payment, they are expected to pay a penal interest of 18%, which is completely unfair and it has been said so by the Honorable Supreme Court of India. To make matters worse, the builders go on to cancel the unit/flat/plot in question in order to sell it to someone else, and the same cycle is repeated where payments are extracted out of the homebuyer without providing the possession of the property in time. But not anymore, because RERA Punjab and RERA Panchkula is there on the aggrieved homebuyer’s side.
Also Read- REFUND, INTEREST & COMPENSATION IN RERA
What to do when a builder cancels your unit?
Approach the RERA (Real Estate (Regulation and Development) Act) Authority as soon as you can. Section 11 (5) of the RERA Act provides protection against unjustifiable cancellation of the unit by the builder. It states that:
The promoter may cancel the allotment only in terms of the agreement for sale:
Provided that the allottee may approach the Authority for relief, if he is aggrieved by such cancellation and such cancellation is not in accordance with the terms of the agreement for sale, unilateral and without any sufficient cause.
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Form M or N?
That’s where the job of an expert/top/best RERA Punjab and RERA Panchkula lawyer/advocate comes in, undoubtedly with the authority of quashing the cancellation order.
Now, if someone wants to just withdraw and seek refund along with interest and compensation, they need to understand this in simple words:
Also Read- FAQS RERA PUNJAB HARYANA PANCHKULA
Cancellation happened first, so that unjust, malaise and illegal order needs to be set aside first. Only after the setting aside of the cancellation order which is done through Form M, you can come to the next step which involves seeking refund along with interest and compensation which is when Form N comes into play before the Adjudicating Officer both in RERA Punjab and Panchkula.
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These are the operational technicalities of law/RERA, but a homebuyer who invests huge chunks of his money in buying property must be aware of these. So one must act in time and engage top RERA Punjab and Panchkula lawyers who will be able to fight your case in the court of law.
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